There are many companies or entrepreneurs are tapping into the marketing intelligence to understand their customer in a better way.
What is marketing intelligence?
Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.
Marketing intelligence can provide you lots of benefits, regardless of your product type. Here, let’s talk about the topmost benefits of marketing intelligence
- It helps you to understand your audience in a better way.
- It allows you to make changes in products if you urge to.
- It keeps you updated with your competitors’ successes and failures, which can help you to make your decisions more healthily.
- It gives you an idea that how is your product performing in the market.
- It reveals new opportunities in the market.
- It improves customer retention potential.
- It reduces dependency or intuitions and luck by informing decisions.
- Positions you as an authority on trends, allowing you to gain a competitive edge.
With the help of marketing intelligence, B2C marketing decision-makers have experienced the benefits like:
- Improving customer satisfaction
- Improving customer loyalty and retention
- Improving ROI/ROMI on marketing spend
- Increasing brand awareness
- Faster innovation on marketing initiatives
- Driving better customer engagements
- Improving customers financial outcomes
- Expanding the capability to test new marketing initiatives
How can Marketing Intelligence help you to boost your business strategies?
Do you know who is your customer? Do you know what do they expect from you?
Well! The answers to these questions lie in the marketing.
So, why marketing intelligence is important? Let’s explore about it more:
- Marketing is an effective way to engage customers
To have engaged and retained audiences is a key challenge. Marketing is an effective way to engage your customers. As it is really important to engage your customers for your business.
Social media is one of the biggest platforms to engage them by using short videos, messages and many more.
- Marketing helps to build and maintain the company’s reputation
It is a fact that your business reputation decides the life span of your business and definitely marketing helps you to build and maintain the company’s reputation for its longevity. A majority of marketing activities are geared towards building the brand equity of the company. Marketers use effective communication, branding, PR and CSR strategies to ensure that a business’s reputation is maintained.
- Marketing helps to maintain a healthy relationship with between a business and it’s client
Business needs to build a relationship of trust and understanding with their customers. Marketing segmentation helps to improve the needs of the customers hence gaining their trust.
Stay tuned with us to know more about marketing intelligence
